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The Australian Financial Review

November 2, 1999

Siemens gets German credit guarantee for Chinese dam 
The government has given a Hermes export credit guarantee to Siemens AG for
supplying equipment needed to complete China's Three Gorges Dam project, a
government spokesman said. 

Chancellor Gerhard Schroeder's government last month approved a 52.9 mln usd
export credit guarantee for transformers which had been ordered by China for
the dam, the spokesman said. 

Both Schroeder's Social Democrats and his Green Party coalition partner had
opposed all support for the controversial Three Gorges Dam project while in
opposition until last year. 

When completed, the Three Gorges Dam on the Yangtze River will flood over 100
towns and force the resettlement of some 2 mln people.